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waterdance · Joined: 18 Sep 2005 Posts: 54

I hear Traveler's Cheques are rather expensive to convert. 4% commission plus bad conversion rate. Am I better off coming out with a few thousand dollars (oops don't want people to know) and just ATMing. Anyone know how the ATM conversion rate compare to cash conversion rate. I think I may return my traveler's checks before I leave. I can deal with $5USD service charge for 1000 Argentinian Pesos at the ATM. That is less 2% and it sounds like most ATMs will take my US ATM card.

Smidge · Joined: 20 Sep 2005 Posts: 22 Location: Buenos Aires

I had the same concerns before I arrived but found that things weren�t as bad as I thought (in Buenos Aires). Obviously it depends on where you change. The worst rate I�ve seen was inevitably at the airport so avoid changing much there.

The best rates I�ve found have been at the banks. Looking at the slip from the last time I changed (at Banco Frances), the commission was 1% and the rate seemed good (2.90 pesos for US$1) compared to the current rate on xe.com of 2.93 pesos for US$1.

For another comparison, the hostel where I stayed initially was changing cheques at 2.80 to 1.

For clarity, the cheques I used were American Express. I can�t give any information on ATM rates or charges though.

ksonnen · Joined: 13 Apr 2005 Posts: 24 Location: Texas, USA

I would take some cash with you to change at the airport. Enough to pay the taxi, get your first meal, etc. After that take big chunks out of the ATM. There are ATMs everywhere downtown so it shouldn't be a problem.

amy1982 · Joined: 09 Dec 2004 Posts: 192 Location: Buenos Aires

traveler's checks can be a pain just because most places don't accept them other than banks and change houses. (banks and change houses are easy to find, but the hours and long lines can be inconvenient.)

keep your money tucked safely away, don't carry a bunch around with you, and go to atms near your place during the day. you won't have to worry about losing much if you get robbed.

as far as atms, if you can, get a citibank account because they have atms here and you wouldn't be charged. otherwise, the exchange rate is pretty good and there are atms all over the place. one thing that sucks is that you can only take out $500 (pesos) at a time, so if you have to pay rent or something, those US$5 charges really start adding up. and then when you're teaching english, it converts to one teaching hour per withdrawal...

waterdance · Joined: 18 Sep 2005 Posts: 54

hi amy i found a place that lets you take 1000 out and not the 500. i used the link bank and it worked well.